The Benefits of Artificial Intelligence in Business

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Over the past several years, Artificial Intelligence (AI) has expanded beyond its use in niche industries such as scientific research and has gradually become more mainstream. Businesses are increasingly embracing the use of AI as they become more aware of its value in optimizing their business processes and improving their financial bottom lines. In 2016, the global AI market was valued at $1.36 billion; this market is forecasted to grow at a Compound Annual Growth Rate (CAGR) of 52% through 2025 as AI becomes a normal part of business operations.

Driving the growth of AI and its increased adoption by businesses is machine learning. With machine learning, AI uses provided data to learn, perform tasks, or develop solutions either independently or in conjunction with a human coworker. This enhances the productivity of businesses as employees can be released from repetitive activities to focus more on higher level tasks. In addition, AI through machine learning can provide a deeper level of data analysis that may not be easily noticed by human employees. Furthermore, AI is not prone to making mistakes when performing boring repetitive tasks.

The business tasks that can be performed through AI machine learning vary depending on which industrial sector the business belongs to. Discussed below are some industrial sectors and how AI machine learning can be used to enhance their business operations.

The Benefits of Artificial Intelligence in Business

1)  Healthcare

  • Medical diagnosis: Healthcare providers use the information obtained from a patient’s medical history, physical examination, and laboratory as well as radiological examinations in establishing a medical diagnosis. AI can be used to enhance the diagnostic capabilities of healthcare providers especially in diagnosing rare medical conditions. It can also be used to monitor a patient’s response to treatment by analyzing trends in vital signs and laboratory tests.
  • Pandemics: AI can be beneficial for the surveillance of endemic and other communicable diseases. This allows for early recognition and notification of relevant health personnel so that measures can be initiated promptly to limit disease spread.

 2)  Financial services

  • Financial planning: Financial planners typically offer financial advice to their clients based on stock analysis and market trends; faulty or inaccurate analysis may result in their clients making poor financial choices. Using AI machine learning, financial firms are able to offer a more in-depth and accurate analysis for their clients.
  • Customer operations: Routine customer operations such as withdrawals, balance transfers, opening as well as closing bank accounts can be managed by AI allowing bank employees to focus on other duties.
  • Fraud/money laundering detection: AI machine learning can be used to detect data variations that may be indicative of attempted fraud or money laundering. Relevant officials can then be notified so that preventative actions can be initiated

3)  Energy

  • Smart meters: Smart meters are incorporated into the electric grid to record electricity use at a granular level. They enable utility companies to forecast demand and make the necessary adjustments to ensure uninterrupted power supply. AI machine learning enhances the forecasting capabilities of the companies through an in-depth data analysis of electricity usage.
  • Infrastructure maintenance: AI allows utility companies to take a proactive approach in the maintenance of their infrastructure so that repairs are done in a prompt and timely manner.

4)  Manufacturing

  • Supply chain optimization: With AI, manufacturers can closely monitor and control their supply chain to ensure the uninterrupted product flow from manufacture site to the customer
  • On-demand production: AI offers manufacturers the ability to manufacture their products on demand with a shortened production time. This saves manufacturers money from having to store their inventory in warehouses and other storage facilities.

For most businesses, the cost of developing and maintaining AI systems can be expensive and out of their reach. However, cloud service providers are able to provide the necessary AI applications suited to the needs of each business. Using the cloud, businesses can utilize the AI applications at a fraction of the cost it would take to build their own AI-capable system. In addition, businesses can easily scale up or down for their need using the AI business tools.

As a business owner, deciding which cloud service provider to use to meet your AI business needs may be challenging and confusing. It is therefore important to engage the services of a cloud service broker. A cloud service broker will work with you to determine your business needs and negotiate with the various cloud service providers to find the best one that meets the needs of your business at a reasonable price. A cloud service broker will also assist in migrating your business applications to the cloud and support your applications post-migration if needed.

At DoubleHorn, we are a cloud service broker that engages with major cloud service providers to ensure that businesses have the cloud applications suited to their business. We have specialists on hand ready to engage with you about your AI business needs and get you up and going in the cloud in no time at all. Contact us today for more information about our services.

Click here to read more about AI and Its Relationship with the Cloud.

Interested in learning more about Artificial Intelligence? Download our latest Infographic “AI for Enterprise Solutions” to learn how AI can help with your IT solutions.